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Thursday, November 15, 2012

Greetings from Kiev!Here is this morning’s Ukrainian stock performance summary, from the
Warsaw Stock Exchange, based on the prior trading day's closing bell.As
a whole, the Warsaw Stock Exchange closed up on the day (+0.49%), outperforming the
main European markets (FTSE -1.11%,
STOXX -0.81%,
CAC -0.89%, DAX -0.94%, IBEX -0.27%) and U.S.
markets (DOW -1.45%, S&P -1.39%, NASDAQ -1.29%).Looking
at Ukrainian equities in particular
across the Warsaw Stock Exchange, they performed in line with the main
Warsaw equities index, closing slightly up (+0.05%)
for the day with gains in Kernel, IMC, Agroton and Sadovaya driving the movement.
From a market depth standpoint, the highest trading volumes occurred in
Westa International Scientific Group (216,205 shares), Kernel (105,519 shares) and Astarta (33,550 shares).

ICE
daily CER price improved to 0.77
EURO (-6.10%). The
market remains significantly long and participants seem to be pinning
their hopes on supply constraint decisions which could take a long time
to materialize. Carbon prices are down 30% over the past two days. The EU has outlined a 6 point plan to try and address the supply/demand imbalance in the EU ETS looking forward. The points are: deepening EU emission cuts, cancelling permits, extending emissions trading to new sectors, limiting or banning certain UN offsets and establishing a price management mechanism. It's all talk at this point so we will see how fast and how effective some/all of these measures may be, in the future. In the meantime expect more CER and ERU volume to hit the market between now and year end, pushing prices down and making a rally difficult.

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About Me

An investment and trading specialist, Jon Queen undertakes capital markets transactions and alternative investments across a broad spectrum of asset classes.
Jon has degrees in Economics from Cornell University and Law from University of Pennsylvania.
Prior to working in the energy and emissions trading space, Mr. Queen was an attorney at Latham & Waktins LLP and a licensed securities representative at John Hancock Financial Services.